Category Archives: fools ‘n frauds

Republican Rep. Christopher Collins Guilty of Insider Trading

Collins was the first U.S. Representative to endorse Donald Trump for President of the United States, perhaps recognizing kindred spirit in his approach to self-serving actions, and he served on Trump’s presidential transition team. He resigned his seat in 2019 and afterwards pled guilty to insider trading and lying to the FBI. Continue reading

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Thanksgiving 2019 – We Celebrate Our 399th Annual Feast

It was a war that was won – against all odds by militias, and irregulars forcing a standing British Army to surrender in the field for the first time since the tyrant Napoleon – because the Crown and its privileged generals were fighting an idea first put forth in our Declaration of Independence, then codified in our Constitution that “We the People” would govern ourselves. Now, once again, the courtiers of privilege and wealth are presiding over our fate. Continue reading

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China – SEC Charges 18 Traders for Stock Manipulation

According to the SEC’s complaint, the traders used multiple accounts to place several small sell orders to drive down a stock’s price before using a different set of accounts to buy larger amounts of the stock at the artificially low prices. After amassing their position, the traders placed several small buy orders to push up prices so they could then sell their stock at artificially high prices. Continue reading

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Ghosn Shakeout is Ongoing as Thierry Bolloré, CEO Renault SA, is Fired by the Board of Directors

The Carlos Ghosn matter has turned into farce as investigations into Nissan and its JVs with Renault  0n corporate governance practices post Carlos Ghosn revealed layers of incompetence and/or malfeasance, as well as various degrees of criminal activity that are rarely observed in western corporations. Continue reading

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Fiat Chrysler Cops Plea on Fraudulently Reporting Sales

According to the SEC’s order, between 2012 and 2016, FCA US issued monthly press releases falsely reporting new vehicle sales and falsely touting a “streak” of uninterrupted monthly year-over-year sales growth. However, the growth streak had been broken in September 2013.  Continue reading

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SEC Charges Westport Fuels Systems and ex-CEO with Bribing a Chinese Government Official via a Private Equity Fund

According to the SEC’s order, beginning no later than 2016, Westport, acting through Gougarty and others, engaged in a scheme to bribe a Chinese government official to obtain business and a cash dividend payment by transferring shares of stock in Westport’s Chinese joint venture to a Chinese private equity fund in which the government official held a financial interest. Continue reading

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Death of the Diesel: Volkswagen Board Crisis as Three Chairman Indicted in Germany for Stock Market Manipulation

As a result, the Supervisory Board of Volkswagen AG hastily convened a meeting, claiming that it was unaware that the indictments were coming since it was allegedly cooperating in the investigation by the public prosecutor. It will also meet again tomorrow to discuss what is company threatening development. Continue reading

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Death of the Diesel: Daimler Guilty of Selling Dirty Diesels in Germany – Pays $957,000,000 Fine Rather than Litigate

The negligent violation of supervisory duties occurred on the department head level. It appears that the Daimler has refrained from taking a legal action challenging the fine notice because senior executives are not implicated. The public prosecutor’s administrative offense proceeding against Daimler AG is thereby fully concluded. This is not so at Volkswagen Group where senior executives were indicted today. Continue reading

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SEC Charges and Settles False Financial Disclosures Against Nissan, Former CEO Carlos Ghosn, Former Director Greg Kelly  

Critics no doubt will say the settlement is laughable given the amount of money involved. Continue reading

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Nissan CEO Hiroto Saikawa Forced Out Over Ghosn Matter

The move comes following a report from the beleaguered company’s Audit Committee that recognizes several instances of misconduct from the findings of the internal investigation that is only partially available publicly in filtered form. On May 14, 2019, Nissan belatedly issued numerous amendments to its past annual securities reports, correcting director compensation figures to reflect the amounts that should originally have been disclosed. Continue reading

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Brexit – UK Car Production Declines -10.6%. Exports Hit

British car manufacturing output declined -10.6% in July, with 108,239 units produced, according to figures released by the Society of Motor Manufacturers and Traders (SMMT). This was the 14th successive month of decline as ongoing weakness in major EU and … Continue reading

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Honda Database Leaks 134M Rows of Employee Data

The information available in the database appeared to be something like an inventory of all Honda internal machines. This included information such as machine host name, MAC address, internal IP, operating system version, which patches had been applied, and the status of Honda’s endpoint security software. Continue reading

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California, Automakers Defying Trump Agree on Emissions

On April 13, 2018, however, the Trump Administration took the first step toward dismantling the national program when it issued a revised final determination that alleged the federal greenhouse gas standards for model year 2022-2025 vehicles were no longer appropriate.kxhw@aol.com Continue reading

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Facebook to Pay $100m for Misleading Investors on Risks from Misuse of User Data Helping Russian Attacks on US Democracy

According to the SEC’s complaint, in 2014 and 2015, the now-defunct advertising and data analytics company, Cambridge Analytica, paid an academic researcher, through a company he controlled, to collect and transfer data from Facebook to create personality scores for approximately 30 million Americans.  Continue reading

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SEC Charges Engine Manufacturing Company Execs with Fraud

According to the complaint, filed in federal court in Chicago, Gary Winemaster, Power Solutions International Inc.’s former CEO, and two former senior sales executives, Craig Davis and James Needham, caused Power Solutions to fraudulently record revenue for purported sales of products that were not complete, that the customer had not agreed to accept, for which the price was falsely inflated, and from improper “bill and hold” arrangements. Continue reading

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